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14 March 2023
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- CPI: underlying inflation remained brisk in February
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14 March 2023
1272 KB
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- SVB collapse in part rooted in pandemic deposit-boom and mismanaged securities portfolios
- Delayed Credit Suisse annual report raises further questions on its ability to clean house
- Primary markets for FIGs and SSAs were highly active at the beginning of the week but sentiment soured as markets were grappling with the SVB fallout
- Secondary market spreads mixed in EUR and wider for USD but expectations for further hikes have been curtailed somewhat, most notably in the U.S.
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10 March 2023
578 KB
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- As investors responded to signs of financial stress at SVB, Bunds followed USTs sharply higher, while final German inflation data for February provided no surprises.
- Gilts also rallied hard despite a modest upside surprise to UK GDP growth in January.
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10 March 2023
285 KB
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- Labour market: hints (but only hints) of supply/demand rebalancing
- Interest rates: a long-term perspective
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10 March 2023
211 KB
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- Employment: brisk payroll growth in Feb after a surge of 504,000 in January
- Wage growth: subdued increase
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8 March 2023
226 KB
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- Trade balance: nominal goods deficit narrows slightly; services surplus narrows
- Job opening: down in January, but signaling still-firm demand for labor
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8 March 2023
274 KB
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- While German IP data beat expectations, Bunds followed USTs higher as euro area Q4 GDP growth was revised down, German retail sales continued to decline, and an ECB dove restated the need for policy to be data-dependant and determined on a meeting-by-meeting basis.
- Gilts also made gains as a survey pointed to a further moderation in UK jobs growth.
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6 March 2023
1260 KB
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- European Green Bond Standard takes shape as co-legislators reach political consensus and compromise on key details.
- Limited primary market activity among SSAs, while FIGs continue to front-load funding requirements in a relatively conducive market.
- Secondary market spreads continued to widen in EUR as the market expects more rate hikes in the near term, while USD spreads tighten slightly.
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